This property is no longer on the market
3 bedroom block of apartments
Key information
Property description & features
- Freehold residential ground rent investment
- Secured against 38 flats
- Producing £4,250 per annum
- The relevant Section 5b Housing Act Notices do not apply
- Online Auction on Wednesday, 27 July 2022
Built by St George PLC in 1997, the subject building is freehold and comprises a six-storey residential block consisting of 20 two bedroom and 18 three bedroom apartments. There is undercroft parking at ground and basement levels and a timber walkway at the rear of the property. The latter will continue to be used by members of the public and like the building, the freeholder will be responsible for its maintenance (will be subject to the walkway agreement (please review legal pack for details)).
The footprint of the building is 791.92 sqm (8,516 sq ft,).
There is a head lease for the property dated 30th December 1994, for a term of 200 years from 24th June 1989. From the head lease there are 38 sub-leases of two and three bedroom flats with parking spaces. There is also a sublease of parking space and refuse store area for 125 years commencing 24th June 1989.
All residential sub-leases are for a period of 200 years less 3 days commencing 24th June 1989. The original Lease details rents of £25 increasing on 25 March 2012 and every 15th anniversary thereafter by £25. This Lease has been varied by a Deed of Variation dated 13 July 1996 which changed the rents to £175pa and £225pa. There is a further Deed of Variation, which varied the original lease dated 30 December 1994 so that the Freeholder receives 50% of the ground rents.
The current rental income is as follows:
- 20 x 2 bed apartments @ £200 per annum each = £4,000 per annum
- 18 x 3 bed apartments @ £250 per annum each = £4,500 per annum
Total income is £8,500 per annum, therefore the freeholder receipt is £4,250 per annum.
Location:
Situated in Limehouse, the London Borough of Tower Hamlets, on the northern bank of the River Thames. Its location between the City and Canary Wharf mean the area is characterised by upmarket residential premises.
Limehouse is well connected by the Docklands Light Railway (DLR), which connects the east of London to the City of London. Furthermore, Limehouse is served by the C2C train route which provides regional train services into London Fenchurch Street. London City Airport is circa 3 miles to the east. The property is located 0.2 miles from the Limehouse Link Tunnel and 0.3 miles from the A13. The North Circular road is located 5.1 miles to the east of the property and the M25 is located 15 miles to the east.
Online Auction on Wednesday, 27 July 2022. For further information, such as legal documents and property information, please visit bidx1.com.
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